CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

Dynamic Firm Benchmarking: the New MAP Survey Platform in Action

MAP surveyHave you ever performed an in-depth comparison of your firm’s standing against other firms of the same size? The 2014 PCPS/TSCPA National Management of an Accounting Practice Survey provides some new and valuable ways to assess where your firm stands and plot your future course. If you participated in the survey this year but haven’t really delved into the results, which became available in November, you definitely want to check them out. Thanks to a new online platform, it’s much easier to take a peek at how firms like yours operate. And even if you didn’t participate, the survey offers some valuable information that will help your firm plan.

Take the case of a single owner firm like mine. We have a boutique corporate tax practice. In addition to myself, our permanent staff includes one CPA and one CPA candidate, but we add an administrative person and per diem help in busy season. When I’m planning for the future, I often wonder what a top performance single-owner firm looks like, but it’s tough to find more than anecdotal information.

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3 Pitfalls to Avoid on the Road to Becoming the Firm of the Future

Becoming the firm of the futureCPA firms are at an important turning point. We have a choice: we can stick to the practices and procedures we know—ones that have admittedly helped us build the success we enjoy today—or we can take the kinds of bold steps that will ensure our future relevance and prosperity. This will be an understandably tough decision. To prosper over the long-term, though, firms must address the radical changes taking place in the domestic and international marketplace, including increasing market and technical complexity facing CPAs and their clients, as well as the expectations of a new generation of professionals. The profound transformation in so many areas requires a similar alteration in the way we manage our practices. If our firms don’t identify the obstacles preventing us from affecting meaningful change, we risk being left behind. In particular, there are three pitfalls that will make it challenging even to get started on the road to transformation.

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5 Steps to Creating a Social Media Strategy

FallOctober is here - the leaves are changing color, there’s a chill in the air and we’re drawing close to the end of another year. At your CPA firm, you’re likely getting ready for performance reviews, preparing for busy season and working on strategic planning for 2015 and beyond. As you put together your marketing plan, be sure to spend some time formulating a social media strategy. This will help determine how often you blog, what social channels you use and whether you invest in social media advertising – all of which will impact how you allocate resources for the coming year. Creating a social media strategy doesn’t have to be a long and arduous process. You can get started by asking these five questions:

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Should You Sign a Business Associate Agreement Under HIPAA?

HIPAA-complianceDr. Smith left you a voicemail at 10 p.m. on a Sunday night. You couldn’t make out the entire message due to a weak cellphone signal and background noise, but you gathered he was talking about the Health Insurance Portability and Accountability Act and needing you to sign something called a Business Associate Agreement.

Dr. Smith is an excellent dermatologist, but you know from doing his taxes that regulatory compliance isn’t necessarily his forte.

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Value Pricing Tax Services: Don’t Leave Money Behind

Have you ever stopped and asked yourself why you would ever want to make a tax return engagement more efficient, if it really only means you will charge less over time? 

Stay with me here while I explain how value pricing and efficiency can go hand-in-hand.  Below is a hypothetical chart of fees incurred to prepare a 1040 return, as well as the amounts actually invoiced.  I am going to explain how you are leaving money on the table.

Year

Hours

Rate

Fees

Discount

Invoice

1

10

$150

$1,500

(400)

$1,100

2

8

150

1,200

(80)

1,120

3

6

150

900

 

900

Year one is largely spent reviewing the prior year returns to familiarize yourself with the client and to establish your internal workpapers. This will naturally take more time. So when you bill the client and see that you have incurred $1,500 in fees, your gut might tell you that the return is not worth that amount. So, you discount the fees to reflect the amount that you a) think the return was worth and b) think the client is willing to pay. 

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